IS$-2$ Adjustment Process

obj. $3$

Using the data from Exercise $3-1,$ record the adjustments at the end of February to record the insurance expense and supplies expense. There were $$200$ of supplies on hand as of February $28.$ Identify the adjustment for insurance as $($a$1)$ and supplies as $($a$2).$ Enter the net income under the Income Statement column after recording both adjustments.